Competition, Corporate Governance and Financing of corporate Growth in Emerging Markets
AbstractThe micro-economic behaviour of economic agents in the crisis-affected Asian economies, together with the private sector's expanding role in developing countries in general have focused attention on issues of competition, corporate governance and finance. The paper explores the analytical links between these phenomena. It provides evidence on the dynamics of product market competition in seven emerging economies by time series analysis of persistence of corporate profitability during the 1980s and 90s. The surprising central finding is that the intensity of competition in emerging markets is no less than in advanced countries. The paper also briefly report on major change in the financing of corporate growth in India and considers its implications for the extant theories of law, finance and corporate governance.
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Bibliographic InfoPaper provided by Faculty of Economics, University of Cambridge in its series Accounting and Finance Discussion Papers with number 00-af46.
Date of creation: Dec 2000
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competition; persistency of profits; unit roots; emerging markets;
Find related papers by JEL classification:
- G3 - Financial Economics - - Corporate Finance and Governance
- L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
- D4 - Microeconomics - - Market Structure and Pricing
- O1 - Economic Development, Technological Change, and Growth - - Economic Development
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